# biweekly-mortgage-calculator

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```					                             Bi-weekly Mortgage Calculator: This calculator shows the differences between a
weekly mortgage payment. Fill in the information in the white box, and your results
a visual representation of the differences between the two payment methods, see t

Principal vs. Interest: Mont
\$600.00
Amount of mortgage \$                 100,000                \$500.00
Down payment \$                   20,000                \$400.00

Payment
Annual interest rate                  6.00%                \$300.00
Term of mortgage (years)                       30               \$200.00
Monthly payment                  \$477.25
\$100.00
\$0.00
Total principal paid \$             100,000
Total interest paid \$              71,811
Grand total paid \$              171,811

Biweekly payment      \$            238.63
Number of payments                    638.90
New term of mortgage (years)                   24.51                            Principal vs. Interest: Bi
New term of mortgage (months)                   294.07                \$300.00
Total principal paid   \$        100,000.00                \$250.00
Total interest paid   \$         52,458.88      Payment
\$200.00
Grand total paid    \$        152,458.88
\$150.00
\$100.00
Savings with biweekly payment      \$       19,352.61
Time savings in years                                           \$50.00
with biweekly payment                   5.49                       \$-
s the differences between a monthly mortgage payment and a bi-
white box, and your results will show up in the remaining boxes. For
wo payment methods, see the graphs at the right.

rincipal vs. Interest: Monthly Payment

Year
1             2            3           4         5
Principal
\$395.51      \$390.32       \$384.81    \$378.96   \$372.75
Interest
\$81.75      \$86.93        \$92.44     \$98.29   \$104.50

Year

1             2            3           4          5
\$     180.44     \$ 176.86   \$    173.05   \$ 169.01   \$ 164.73
rincipal vs. Interest: Bi-weekly Payment               \$       58.19    \$ 61.77    \$     65.58   \$ 69.61    \$ 73.90

Principal
Interest

Year
6          7          8          9          10         11         12         13         14
\$366.16    \$359.16    \$351.73    \$343.84    \$335.46    \$326.57    \$317.13    \$307.11    \$296.47
\$111.09    \$118.09    \$125.53    \$133.41    \$141.79    \$150.68    \$160.12    \$170.15    \$180.79

6          7          8          9          10         11         12         13         14
\$ 160.18   \$ 155.35   \$ 150.22   \$ 144.77   \$ 139.00   \$ 132.86   \$ 126.35   \$ 119.43   \$ 112.09
\$ 78.45    \$ 83.28    \$ 88.41    \$ 93.85    \$ 99.63    \$ 105.77   \$ 112.28   \$ 119.19   \$ 126.53
15         16         17         18         19         20         21         22         23
\$285.17    \$273.17    \$260.44    \$246.92    \$232.56    \$217.33    \$201.15    \$183.97    \$165.73
\$192.09    \$204.08    \$216.82    \$230.34    \$244.69    \$259.93    \$276.11    \$293.28    \$311.52

15         16         17         18         19         20         21         22         23
\$ 104.30   \$ 96.03    \$ 87.25    \$ 77.92    \$ 68.03    \$ 57.52    \$ 46.37    \$ 34.53    \$ 21.96
\$ 134.33   \$ 142.60   \$ 151.38   \$ 160.70   \$ 170.60   \$ 181.10   \$ 192.26   \$ 204.10   \$ 216.67
24         25        26        27        28        29        30
\$146.37    \$125.82   \$103.99    \$80.83    \$56.23    \$30.11     \$2.39
\$330.88    \$351.44   \$373.26   \$396.43   \$421.03   \$447.14   \$474.87

24
\$   8.62
\$ 230.01

```
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